Venus Chocolate Company processes chocolate into candy bars. The process begins
ID: 2466155 • Letter: V
Question
Venus Chocolate Company processes chocolate into candy bars. The process begins by placing direct materials (raw chocolate, milk, and sugar) into the Blending Department. All materials are placed into production at the beginning of the blending process. After blending, the milk chocolate is then transferred to the Molding Department, where the milk chocolate is formed into candy bars. The following is a partial work in process account of the Blending Department at March 31, 2016:
Required:
1. Prepare a cost of production report, and identify the missing amounts for Work in Process—Blending Department. If an amount is zero, enter "0". When computing cost per equivalent units, round to two decimal places.
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1. Calculate equivalent units for materials and conversion costs. Calculate the cost per equivalent unit for materials and conversion costs. Calculate the costs assigned to the beginning inventory, the units started and completed, and the ending inventory.
Learning Objective 2, Learning Objective 4.
2. Assuming that the March 1 work in process inventory includes $15,860 of direct materials, determine the increase or decrease in the cost per equivalent unit for direct materials and conversion between February and March. If required, round your answers to the nearest cent.
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ACCOUNT Work in Process—Blending Department ACCOUNT NO. Date Item Debit Credit Balance Debit Credit Mar. 1 Bal., 6,100 units, 2/5 completed 17,812 31 Direct materials, 244,000 units 658,800 676,612 31 Direct labor 136,400 813,012 31 Factory overhead 34,106 847,118 31 Goods transferred, 245,000 units ? 31 Bal., ? units, 1/5 completed ?Explanation / Answer
Solution:
Transferred In Transferred Out Beginning 6,100 Transferred Out 245,000 Started 244,000 Ending 5,100 Total 250,100 Total 250,100Related Questions
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